LONDON, April 16, 2014 /PRNewswire/ -- Noble Corporation
plc (NYSE: NE) today reported first quarter 2014 net income of
$256 million, or $0.99 per diluted share, compared to $174 million, or $0.68 per diluted share, for the fourth quarter
2013. Results for the fourth quarter of 2013 included an after-tax
charge of $36 million, or
$0.14 per diluted share, relating to
an asset impairment. Excluding the impairment charge, net
income for the fourth quarter would have totaled $210 million, or $0.82 per diluted share. For the first quarter of
2013, net income totaled $150
million, or $0.59 per diluted
share. Revenues for the first quarter of 2014 were $1.3 billion compared to $1.2 billion in the fourth quarter of 2013 and
$971 million in the first quarter of
2013.
David W. Williams, Chairman,
President and Chief Executive Officer of Noble Corporation plc
noted, "Our contract drilling margin improved to 54 percent in the
first quarter, up from 50 percent in the fourth quarter of 2013, as
new rig additions contributed to a 7 percent increase in revenues
while contract drilling costs were essentially flat in the quarter.
In addition, a reduction in operating downtime to 4.5 percent and
higher bonus revenue further supported the increase in quarterly
revenues.
"Following shipyard deliveries in 2013 of three ultra-deepwater
drillships and two high-specification jackups, we began 2014 with
the delivery of two additional jackups, the Noble Houston
Colbert and Noble Sam
Turner. Both rigs are preparing to commence their
initial operations offshore Argentina and the Danish sector of the North
Sea, respectively. By the end of 2014, we expect to have taken
delivery from shipyards of our final two ultra-deepwater drillships
and two of our final three high-specification jackups, largely
concluding our current rig construction program. These fleet
additions should provide significant contributions to future
financial results as our fleet mix continues to shift toward a
premium weighting."
Contract drilling services revenues for the first quarter of
2014 reached $1.2 billion, a 7
percent improvement from $1.1 billion
in the fourth quarter of 2013. The increase was due primarily to
full or partial contributions in the quarter from several of the
Company's new rigs. Also, fleet operating days increased as a
result of a reduction in shipyard days. Average daily revenues
improved 5 percent in the first quarter to $223,600 compared to the previous quarter average
of $212,000, reflecting the addition
of premium assets, while fleet utilization rose to 84 percent in
the first quarter compared to 82 percent in the fourth quarter of
2013. Contract drilling operating costs increased marginally in the
first quarter to $561 million
compared to $560 million in the
fourth quarter of 2013. Higher costs associated with adding
newbuild rigs to the fleet were almost entirely offset by a
reduction in mobilization and repair and maintenance costs.
Net cash from operating activities was $506 million in the first quarter of 2014 as
compared to $541 million for the
fourth quarter of 2013. Capital expenditures in the first
quarter of 2014 totaled $517 million,
including $326 million related to the
Company's fleet expansion program. As of March 31, 2014, approximately $1.6 billion in capital expenditures was required
to complete the remaining five projects in the Company's newbuild
program, comprised of two ultra-deepwater drillships and three
high-specification jackups.
Debt as a percentage of total capitalization at March 31, 2014 was 38 percent, unchanged from
December 31, 2013, while liquidity,
defined as cash and cash equivalents plus availability under
revolving credit facilities, totaled $1.03
billion compared to $1.45
billion at December 31, 2013.
The decrease in liquidity primarily relates to the maturity in
March of our $250 million 7.375
percent senior notes, which were paid off with the proceeds of
commercial paper issuance, combined with capital expenditures to
meet newbuild deliveries.
Operating Highlights
The Company's total
contract backlog at March 31, 2014
was an estimated $14.3 billion
compared to $15.4 billion at
December 31, 2013, reflecting a
reduced pace of customer activity in early 2014.
Utilization of the Company's floating rig fleet
(semisubmersibles and drillships) improved to 85 percent in the
first quarter of 2014 from 84 percent in the fourth quarter of
2013. Excluding the impact of two cold stacked rigs, utilization
would have been 92 percent in the first quarter of 2014 and 91
percent in the fourth quarter of 2013. The improvement in
utilization was due to a full quarter of operations on the newbuild
ultra-deepwater drillship Noble Bob
Douglas, which was operating offshore New Zealand, and on the drillship
Noble Roger Eason, operating
offshore Brazil. The Eason
completed a shipyard program in the fourth quarter of 2013.
Partially offsetting the utilization improvement was increased idle
time on the semisubmersible Noble Homer
Ferrington following the completion of a drilling
program in the Eastern Mediterranean in early January 2014. Average daily revenues in the
floating rig fleet were $393,300 in
the first quarter of 2014, or an improvement of approximately 4
percent compared to $378,400 in the
fourth quarter of 2013.
First quarter 2014 utilization of the Company's jackup rig fleet
was 86 percent, consistent with the fourth quarter of 2013. Fewer
operating days on certain rigs in Mexico and West
Africa were offset by a full quarter of operations from the
newbuild jackup Noble Mick
O'Brien, which began operations in the Middle East in the fourth quarter of 2013, and
the newbuild jackup Noble Regina
Allen, which commenced operations in the first quarter
of 2014 in the North Sea. Average daily revenues during the
first quarter improved to $125,000
from $115,700 during the fourth
quarter of 2013.
At the end of the first quarter of 2014, 74 percent of the
Company's available rig operating days for both our floater and
jackup units were committed for the remainder of 2014. For
2015, an estimated 47 percent of the available rig operating days
were committed, including 62 percent and 39 percent of the floating
and jackup rig days, respectively. The calculations for committed
operating days include available days for two floaters and one
jackup, all of which are currently cold stacked.
Outlook
While addressing the current offshore
environment and Noble's enhanced positioning, Williams stated, "We
continue to believe the more guarded exploration and production
spending pattern shown by some operators during early 2014 is
temporary and that contract visibility, especially in the floating
rig segment, is likely to improve as we progress further into 2014
and 2015.
"Despite the current market dynamics, Noble is well positioned
with limited near-term fleet exposure, a large revenue backlog,
strong client relationships, well-timed premium rig additions with
attractive contracts, a rapidly declining capital expenditure
commitment and successful implementation of new operating systems
and procedures that are driving improved financial performance. We
continue to anticipate improving free cash flow in 2015 despite
current industry developments. We believe the offshore drilling
business remains fundamentally sound over the long-term and Noble
is better positioned to address the opportunities expected with the
next cyclical upturn with a more versatile and focused fleet run by
skilled and highly competent crews."
About Noble
Corporation
Noble
is a leading offshore drilling contractor for the oil and gas
industry. Noble performs, through its subsidiaries, contract
drilling services with a fleet of 77 offshore drilling units
(including two ultra-deepwater drillships and three
high-specification jackup drilling rigs currently under
construction), located worldwide, including in the U.S.
Gulf of Mexico and Alaska, Mexico, Brazil, the North Sea, the Mediterranean,
West Africa, the Middle East, India, Malaysia and Australia. Noble's shares are traded on the
New York Stock Exchange under the symbol "NE." Noble Corporation
plc is a public limited company registered in England and Wales with company number 08354954 and
registered office at Devonshire House, 1 Mayfair Place,
London, W1J 8AJ England. Additional information on Noble
Corporation is available on the Company's Web site at
http://www.noblecorp.com.
Statements regarding contract backlog, earnings, costs, revenue,
rig demand, fleet condition or performance, shareholder value,
timing of delivery of newbuilds, contract commitments, dayrates,
contract commencements, contract extensions or renewals, letters of
intent or award, industry fundamentals, customer relationships and
requirements, strategic initiatives, future performance, growth
opportunities, market outlook, as well as any other statements that
are not historical facts in this release, are forward-looking
statements that involve certain risks, uncertainties and
assumptions. These include but are not limited to operating hazards
and delays, risks associated with operations outside of the U.S.,
actions by regulatory authorities, customers and other third
parties, legislation and regulations affecting drilling operations,
compliance with regulatory requirements, factors affecting the
level of activity in the oil and gas industry, supply and demand of
drilling rigs, factors affecting the duration of contracts, delays
in the construction of newbuilds, the actual amount of downtime,
factors that reduce applicable dayrates, violations of
anti-corruption laws, hurricanes and other weather conditions, the
future price of oil and gas and other factors detailed in the
Company's most recent Form 10-K, Form 10-Q's and other filings with
the Securities and Exchange Commission. Should one or more of these
risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those indicated.
Conference Call
Noble also has scheduled a conference call and webcast related to
its first quarter 2014 results on Thursday,
April 17, 2014, at 8:00 a.m.
U.S. Central Daylight Time. Interested parties are invited to
listen to the call by dialing 1-866-461-7129, or internationally
1-706-679-3084, using access code: 88240453, or by asking for the
Noble Corporation conference call. Interested parties may also
listen over the Internet through a link posted in the Investor
Relations section of the Company's Web site.
A replay of the conference call will be available on
Thursday, April 17, 2014,
beginning at 12:00 p.m. U.S. Central
Daylight Time, through Thursday, May 1,
2014, ending at 11:00 p.m.
U.S. Central Daylight Time. The phone number for the conference
call replay is 1-855-859-2056 or, for calls from outside of the
U.S., 1-404-537-3406, using access code: 88240453. The replay
will also be available on the Company's Web site following the end
of the live call.
NOBLE
CORPORATION PLC AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(In thousands,
except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
|
|
2014
|
|
2013
|
Operating
revenues
|
|
|
|
|
|
Contract
drilling services
|
|
$
1,206,304
|
|
$
928,737
|
|
Reimbursables
|
|
36,653
|
|
21,174
|
|
Labor contract
drilling services
|
|
8,212
|
|
21,054
|
|
Other
|
|
1
|
|
10
|
|
|
|
1,251,170
|
|
970,975
|
Operating
costs and expenses
|
|
|
|
|
|
Contract
drilling services
|
|
561,131
|
|
480,126
|
|
Reimbursables
|
|
30,606
|
|
14,922
|
|
Labor contract
drilling services
|
|
6,226
|
|
12,249
|
|
Depreciation
and amortization
|
|
245,905
|
|
206,156
|
|
General and
administrative
|
|
25,637
|
|
25,569
|
|
Non-recurring
spin-off related costs
|
|
12,405
|
|
3,962
|
|
Gain on
contract extinguishment
|
|
-
|
|
(1,800)
|
|
|
|
881,910
|
|
741,184
|
|
|
|
|
|
|
Operating
income
|
|
369,260
|
|
229,791
|
|
|
|
|
|
|
Other income
(expense)
|
|
|
|
|
|
Interest
expense, net of amount capitalized
|
|
(40,392)
|
|
(27,301)
|
|
Interest income
and other, net
|
|
(1,190)
|
|
(425)
|
Income
before income taxes
|
|
327,678
|
|
202,065
|
|
Income tax
provision
|
|
(54,436)
|
|
(34,352)
|
Net
income
|
|
273,242
|
|
167,713
|
|
Net income
attributable to noncontrolling interests
|
|
(16,916)
|
|
(17,653)
|
Net income
attributable to Noble Corporation
|
|
$
256,326
|
|
$
150,060
|
|
|
|
|
|
|
Net income
per share
|
|
|
|
|
|
Basic
|
|
$
0.99
|
|
$
0.59
|
|
Diluted
|
|
$
0.99
|
|
$
0.59
|
NOBLE
CORPORATION PLC AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
2014
|
|
2013
|
ASSETS
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
114,735
|
|
$
114,458
|
|
Accounts
receivable
|
|
877,127
|
|
949,069
|
|
Prepaid
expenses and other current assets
|
|
379,674
|
|
327,408
|
Total current
assets
|
|
1,371,536
|
|
1,390,935
|
|
|
|
|
|
|
Property and
equipment, at cost
|
|
19,691,578
|
|
19,198,767
|
|
Accumulated
depreciation
|
|
(4,866,009)
|
|
(4,640,677)
|
Property and
equipment, net
|
|
14,825,569
|
|
14,558,090
|
|
|
|
|
|
|
Other
assets
|
|
247,392
|
|
268,932
|
|
Total
assets
|
|
$
16,444,497
|
|
$
16,217,957
|
|
|
|
|
|
|
LIABILITIES
AND EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts
payable
|
|
$
323,593
|
|
$
347,214
|
|
Accrued payroll
and related costs
|
|
117,153
|
|
151,161
|
|
Dividend
payable
|
|
96,869
|
|
128,249
|
|
Other current
liabilities
|
|
389,189
|
|
425,291
|
Total current
liabilities
|
|
926,804
|
|
1,051,915
|
|
|
|
|
|
|
Long-term
debt
|
|
5,728,782
|
|
5,556,251
|
Deferred income
taxes
|
|
221,380
|
|
225,455
|
Other
liabilities
|
|
317,108
|
|
334,308
|
|
Total
liabilities
|
|
7,194,074
|
|
7,167,929
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Total
shareholders' equity
|
|
8,525,757
|
|
8,322,583
|
|
Noncontrolling
interests
|
|
724,666
|
|
727,445
|
|
Total
equity
|
|
9,250,423
|
|
9,050,028
|
|
Total
liabilities and equity
|
|
$
16,444,497
|
|
$
16,217,957
|
NOBLE
CORPORATION PLC AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
|
|
2014
|
|
2013
|
Cash flows
from operating activities
|
|
|
|
|
|
Net
income
|
|
$ 273,242
|
|
$ 167,713
|
|
Adjustments to
reconcile net income to net cash from operating
activities:
|
|
|
|
|
Depreciation
and amortization
|
|
245,905
|
|
206,156
|
|
Other changes
in operating activities
|
|
(13,351)
|
|
(171,317)
|
|
Net cash from
operating activities
|
|
505,796
|
|
202,552
|
|
|
|
|
|
|
Cash flows
from investing activities
|
|
|
|
|
|
New
construction
|
|
(326,197)
|
|
(137,893)
|
|
Other capital
expenditures
|
|
(177,233)
|
|
(204,222)
|
|
Capitalized
interest
|
|
(13,853)
|
|
(29,875)
|
|
Other investing
activities
|
|
(43,505)
|
|
(66,312)
|
|
Net cash from
investing activities
|
|
(560,788)
|
|
(438,302)
|
|
|
|
|
|
|
Cash flows
from financing activities
|
|
|
|
|
|
Net change in
borrowings outstanding on bank credit facilities
|
|
422,402
|
|
209,680
|
|
Dividend
payments
|
|
(96,840)
|
|
(33,335)
|
|
Repayment of
long-term debt
|
|
(250,000)
|
|
-
|
|
Other financing
activities
|
|
(20,293)
|
|
(8,159)
|
|
Net cash from
financing activities
|
|
55,269
|
|
168,186
|
|
Net change in
cash and cash equivalents
|
|
277
|
|
(67,564)
|
Cash and
cash equivalents, beginning of period
|
|
114,458
|
|
282,092
|
Cash and
cash equivalents, end of period
|
|
$ 114,735
|
|
$ 214,528
|
NOBLE
CORPORATION PLC AND SUBSIDIARIES
|
FINANCIAL
AND OPERATIONAL INFORMATION BY SEGMENT
|
(In thousands,
except operating statistics)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Three Months Ended
December 31,
|
|
|
2014
|
|
2013
|
|
2013
|
|
|
Contract
|
|
|
|
|
|
Contract
|
|
|
|
|
|
Contract
|
|
|
|
|
|
|
Drilling
|
|
|
|
|
|
Drilling
|
|
|
|
|
|
Drilling
|
|
|
|
|
|
|
Services
|
|
Other
|
|
Total
|
|
Services
|
|
Other
|
|
Total
|
|
Services
|
|
Other
|
|
Total
|
Operating
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract
drilling services
|
|
$
1,206,304
|
|
$
-
|
|
$
1,206,304
|
|
$ 928,737
|
|
$
-
|
|
$ 928,737
|
|
$
1,124,760
|
|
$
-
|
|
$
1,124,760
|
Reimbursables
|
|
36,133
|
|
520
|
|
36,653
|
|
20,711
|
|
463
|
|
21,174
|
|
31,520
|
|
1,678
|
|
33,198
|
Labor
contract drilling services
|
|
-
|
|
8,212
|
|
8,212
|
|
-
|
|
21,054
|
|
21,054
|
|
-
|
|
9,091
|
|
9,091
|
Other
|
|
1
|
|
-
|
|
1
|
|
10
|
|
-
|
|
10
|
|
-
|
|
-
|
|
-
|
|
|
$
1,242,438
|
|
$
8,732
|
|
$
1,251,170
|
|
$ 949,458
|
|
$ 21,517
|
|
$ 970,975
|
|
$
1,156,280
|
|
$ 10,769
|
|
$
1,167,049
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract
drilling services
|
|
$
561,131
|
|
$
-
|
|
$
561,131
|
|
$ 480,126
|
|
$
-
|
|
$ 480,126
|
|
$
560,259
|
|
$
-
|
|
$
560,259
|
Reimbursables
|
|
30,118
|
|
488
|
|
30,606
|
|
14,469
|
|
453
|
|
14,922
|
|
23,329
|
|
925
|
|
24,254
|
Labor
contract drilling services
|
|
-
|
|
6,226
|
|
6,226
|
|
-
|
|
12,249
|
|
12,249
|
|
-
|
|
6,879
|
|
6,879
|
Depreciation and amortization
|
|
241,574
|
|
4,331
|
|
245,905
|
|
202,619
|
|
3,537
|
|
206,156
|
|
233,730
|
|
3,236
|
|
236,966
|
General
and administrative
|
|
25,428
|
|
209
|
|
25,637
|
|
25,057
|
|
512
|
|
25,569
|
|
31,553
|
|
249
|
|
31,802
|
Non-recurring spin-off related
costs
|
|
320
|
|
12,085
|
|
12,405
|
|
-
|
|
3,962
|
|
3,962
|
|
-
|
|
7,260
|
|
7,260
|
Loss on
impairment
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
40,103
|
|
-
|
|
40,103
|
Gain on
contract extinguishment
|
|
-
|
|
-
|
|
-
|
|
(1,800)
|
|
-
|
|
(1,800)
|
|
-
|
|
-
|
|
-
|
|
|
$
858,571
|
|
$
23,339
|
|
$
881,910
|
|
$ 720,471
|
|
$ 20,713
|
|
$ 741,184
|
|
$
888,974
|
|
$ 18,549
|
|
$
907,523
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
$
383,867
|
|
$ (14,607)
|
|
$
369,260
|
|
$ 228,987
|
|
$
804
|
|
$ 229,791
|
|
$
267,306
|
|
$ (7,780)
|
|
$
259,526
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jackups:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rig Utilization
|
|
86%
|
|
|
|
|
|
93%
|
|
|
|
|
|
86%
|
|
|
|
|
Operating Days
|
|
3,413
|
|
|
|
|
|
3,598
|
|
|
|
|
|
3,360
|
|
|
|
|
Average Dayrate
|
|
$
124,962
|
|
|
|
|
|
$ 105,559
|
|
|
|
|
|
$
115,749
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Semisubmersibles:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rig Utilization
|
|
79%
|
|
|
|
|
|
84%
|
|
|
|
|
|
84%
|
|
|
|
|
Operating Days
|
|
993
|
|
|
|
|
|
1,053
|
|
|
|
|
|
1,076
|
|
|
|
|
Average Dayrate
|
|
$
392,620
|
|
|
|
|
|
$ 321,037
|
|
|
|
|
|
$
402,358
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drillships:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rig Utilization
|
|
92%
|
|
|
|
|
|
83%
|
|
|
|
|
|
85%
|
|
|
|
|
Operating Days
|
|
990
|
|
|
|
|
|
669
|
|
|
|
|
|
869
|
|
|
|
|
Average Dayrate
|
|
$
393,892
|
|
|
|
|
|
$ 315,216
|
|
|
|
|
|
$
348,702
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FPSO/Submersibles:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rig Utilization
|
|
0%
|
|
|
|
|
|
0%
|
|
|
|
|
|
0%
|
|
|
|
|
Operating Days
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
Average Dayrate
|
|
$
-
|
|
|
|
|
|
$
-
|
|
|
|
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rig Utilization
|
|
84%
|
|
|
|
|
|
86%
|
|
|
|
|
|
82%
|
|
|
|
|
Operating Days
|
|
5,396
|
|
|
|
|
|
5,320
|
|
|
|
|
|
5,305
|
|
|
|
|
Average Dayrate
|
|
$
223,559
|
|
|
|
|
|
$ 174,578
|
|
|
|
|
|
$
212,019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOBLE
CORPORATION PLC AND SUBSIDIARIES
|
CALCULATION
OF BASIC AND DILUTED NET INCOME PER SHARE
|
(In thousands,
except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
The following
table sets forth the computation of basic and diluted net income
per share:
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
March
31,
|
|
|
2014
|
|
2013
|
Allocation
of net income
|
|
|
|
|
Basic
|
|
|
|
|
Net income attributable to Noble Corporation
|
|
$
256,326
|
|
$
150,060
|
Earnings allocated to unvested share-based payment
awards
|
|
(4,274)
|
|
(1,667)
|
Net income to common shareholders -
basic
|
|
$
252,052
|
|
$
148,393
|
|
|
|
|
|
Diluted
|
|
|
|
|
Net income attributable to Noble Corporation
|
|
$
256,326
|
|
$
150,060
|
Earnings allocated to unvested share-based payment
awards
|
|
(4,272)
|
|
(1,664)
|
Net income to common shareholders -
diluted
|
|
$
252,054
|
|
$
148,396
|
|
|
|
|
|
Weighted average number of shares outstanding -
basic
|
|
253,940
|
|
253,073
|
Incremental shares issuable from assumed exercise of stock
options
|
|
135
|
|
268
|
Weighted average number of shares outstanding -
diluted
|
|
254,075
|
|
253,341
|
|
|
|
|
|
Weighted average unvested share-based payment
awards
|
|
4,188
|
|
2,844
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
Basic
|
|
$
0.99
|
|
$
0.59
|
Diluted
|
|
$
0.99
|
|
$
0.59
|
SOURCE Noble Corporation